Financial Results for Fiscal Period Ended June 30, 2023 (Infrastructure Fund)
Infra stru ctu r e Fu n d Issu er

Canadian Solar Infrastructure Fund, Inc.

S e c u r i t i e s C o d e
R e p r e s e n t a t i v e9284(Title)Asset Management Company

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning
Department(Title)(Name)
CFO and DirectorTel.
03(6279)0311

R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

August 17, 2023
L i s t e d S t o c k Tokyo StockE x c h a n g e Exchange
https://www.canadiansolarinfra.com/
Hiroshi Yanagisawa

URL(Name)

Executive Director

Hiroshi Yanagisawa
Keiichi Yoshida

Scheduled date ofcommencement of cash
distribution payment

September 28, 2023

September 15, 2023

YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended June 30, 2023 (from January 1, 2023 to June 30, 2023)(1) Management Status(Percentage figures are the rate of period-on-period change)

Fiscal period ended
Jun. 2023
Fiscal period ended
Dec. 2022

Operating revenues
Million yen%

Operating income
Million yen%

Ordinary income
Million yen%

Net income
Million yen

%

3,452

(7.0)

1,156

(16.4)

1,003(17.3)

1,003(17.3)

3,715

(8.5)

1,383

(20.6)

1,214(19.5)

1,213(19.5)

yen%%

Ordinary profit tooperating revenue ratio
%

2,594

2.5

1.3

29.1

3,138

3.0

1.5

32.7

Profit per unit
Fiscal period ended
Jun. 2023
Fiscal period ended
Dec. 2022

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions

Fiscal period
ended Jun. 2023
Fiscal period
ended Dec. 2022

Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including(excluding(including
distributions in
distributions inexcess of
distributions in
distributions in
distributions inexcess ofexcess of
earnings per unit
excess ofexcess ofexcess of
earnings
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen

Payout ratio

Ratio ofdistributions to
net assets

%

%

2,595

1,003

1,155

446

3,750

1,449

100.0

2.5

3,138

1,213

612

236

3,750

1,449

100.0

3.0

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings are all refunds of investments that constitute distributions on the decrease ofcapital contribution under the tax law.
(Note 4) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.007 for the fiscal period ended December 31,
2022 and 0.010 for the fiscal period ended June 30, 2023. In this regard, the ratio of the decrease in net assets is
calculated according to Item 4, Paragraph 1, Article 23 of the Ordinance for Enforcement of the Corporation Tax Act.

-1-

(3) Financial Position

Fiscal period ended
Jun. 2023
Fiscal period ended
Dec. 2022

Total assets
Million yen

Net assets
Million yen

76,36577,986Equity ratio

Net assets per unit%

yen

39,39951.6

101,898

39,84651.1

103,053(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

2,339

(26)

(2,594)

4,989

2,888

(72)

(2,625)

5,271

Cash flows fromoperating activities
Fiscal period ended
Jun. 2023
Fiscal period ended
Dec. 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending December 31, 2023 (from July 1, 2023 to December 31, 2023), Fiscal
Period Ending June 30, 2024 (from January 1, 2024 to June 30, 2024) and Fiscal Period Ending December 31, 2024 (from July 1,
2024 to December 31, 2024)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Dec.
2023
Fiscal period
ending Jun.
2024
Fiscal period
ending Dec.
2024

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

yen

yen

yen

4,472

29.5

1,665

44.1

1,148

14.4

1,147

14.4

2,539

1,211

3,750

4,487

0.3

1,682

1.0

1,414

23.2

1,413

23.2

3,129

646

3,775

4,445

(0.9)

1,639

(2.5)

1,379

(2.5)

1,378

(2.5)

3,051

724

3,775

(Reference)
Fiscal period ending December 31, 2023 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 451,756 units, Forecast profit per unit: 2,539 yen
Fiscal period ending June 30, 2024 (182 days): Forecast total number of investment units issued and outstanding at end of
the period: 451,756 units, Forecast profit per unit: 3,129 yen
Fiscal period ending December 31, 2024 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 451,756 units, Forecast profit per unit: 3,051 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
386,656
386,656
Jun. 2023
Dec. 2022
Fiscal period
Fiscal period(ii) Number of treasury units at end of period
00Jun. 2023
Dec. 2022(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 32 below.

* Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

-2-

*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending Fiscal Period Ending December 31, 2023 (July
1, 2023 to December 31, 2023) ,Fiscal Period Ending June 30, 2024 (January 1, 2024 to June 30, 2024) and Fiscal Period Ending
December 31, 2024 (July 1, 2024 to December 31, 2024),” described on or after page 10 below.

-3-1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2022) were386,656 units.
CSIF then issued new investment units (62,000 units) through public offering on July 18, 2023 and 3,100 units through a thirdparty allotment on August 10, 2023. As a result of the above, the total units issued as of the date of this document are 451,756
units.
b. Investment Environment and management performance for the fiscal period under review
Regarding the Japanese economy during the fiscal period under review, the second preliminary estimate of the real GDP
growth rate in January-March 2023 was up 2.7% quarter on quarter, reflecting robust domestic demand, including private
consumption and capital investment. In light of the GDP as of July 31, 2023, SMBC Nikko Securities Inc. expects real GDP in
April - Jun 2023 to grow 0.6% quarter on quarter (or up 2.6% on an annualized basis) and 1.4% year on year in fiscal years 2023
and 1.2% in fiscal years 2024, respectively. The Japanese economy is expected to be on solid path to recovery for the year, given
for the following factors: normalization of mainly automobile- and travel-related consumption, convergence of inflation, increasein wages, commerce and other domestic factors as well as overseas factors such as improvement in terms of trade.
The Russian invasion of Ukraine triggered a global price surge in energy resources in 2022. In addition, the yen depreciatedsharply, severely impacting the Japanese economy. Although constraints on energy supply have been continuing, mainly becauseof the prolonged invasion, the economy is currently calm, with a peaking of both the crude oil price and the U.S. dollar-yen
exchange rate.
Looking at the monetary policies of Japan and the United States, the banking crisis in the U.S. triggered by the collapse of
Silicon Valley Bank has eased. Currently, the risk of an economic downturn is seen as low, as banks’ loans/deposits are stable,losses on valuation of securities have contracted, and bank stock prices have almost factored in losses on devaluation. Regarding
the monetary policy of the Bank of Japan, it indicated in April 2023 that its outlook on the inflation rate for fiscal year 2025 wasless than 2%, it announced the policy modification to expand the band for the long-term interest rate at the monetary policy
meeting to be held on July 27-28. It would give greater flexibility in yield curve control (YCC) with an eye on the recent strong
prices and also while maintaining the long-term interest rate level targeted at 0.5%, the widened fluctuation range between 0.5%
and 1.0% suggests acceptance.
Meanwhile, during the fiscal period under review, conditions in the market for listed infrastructure funds were such thatinvestment corporations maintained relatively stable operations even in the economic environment described above. The TSE
Infrastructure Fund Index remained stable in the first half of 2023, as in 2022, while the Nikkei Stock Average and TOPIX rose
sharply since April during the same period. On March 22, it hit the lowest level during the period at 1,139.41. After that, it soared
to reach the high of 1,180.23 on May 17. It ended the fiscal period at 1,146.63 on June 30. It fluctuated within a relatively narrow
range during the period.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust
the supply-demand balance, was implemented in the jurisdiction of Kyushu Electric Power with respect to renewable energy
power generation facilities (Note 2) owned by CSIF, for 6 days in January, 10 days in February, 23 days in March, 22 days in
April, 24 days in May and 8 days in June, totaling 93 days during the period under review. This was much more frequentcompared to the same period of the previous year. Primary reasons for this result are considered to include a decrease in power
demand, which reflected heightened energy saving awareness on the back of surging energy prices caused by Russia’s invasionof Ukraine, despite continuously increasing electricity supply provided by expanded photovoltaic power generation facilities in
the Kyushu Electric Power jurisdiction, and the fact that all the nuclear power plants in the said jurisdiction went into operationin the same period. Although projected amounts of loss in variable rents (Note 3) were suppressed until the previous period,
partly attributable to the effect of the transition to online output curtailment framework, output curtailment exceeding the said-4-

effect occurred in the fiscal period under review. Areas for output curtailment in renewable energy sources have been steadily
expanding, and output curtailment has been implemented in all areas excluding the jurisdiction of Tokyo Electric Power withthe commencement of output curtailment in Kansai Electric Power in June 2023. Outside the Kyushu Electric Power jurisdiction,although the number of days when output curtailment was implemented at renewable power generation facilities owned by CSIF
was only one day in the Chugoku Electric Power jurisdiction in July - December 2022, the number of such days have increasedin the jurisdictions of Chugoku Electric Power, Tohoku Electric Power and Chubu Electric Power and we consider it necessary
to continuously monitor relevant developments in the future. However, we consider that the effect of output curtailment on ourrevenue for the current fiscal period (until March 31, 2024) will be limited, because most of the power plants held by CSIF in
the Kyushu Electric Power jurisdiction are under the old rule (30-day rule) (Note 4) and because the number of days when output
curtailment was implemented in the said jurisdiction since April this year has already exceeded 20 days.
The 6th Strategic Energy Plan approved by the Cabinet in October 2021 had two key themes: to indicate the direction ofenergy policies for the achievement of carbon neutrality by 2050 (declared in October 2020), the new target of a 46% reduction
in greenhouse gas emissions by fiscal year 2030 and a further reduction of as high as 50% (declared in April 2021) (Note 5); andto overcome issues in Japan’s energy supply-and-demand structure (Note 5). Furthermore, in connection with the second theme,
it states that, on the premise that safety be guaranteed first and foremost, Japan will strive to ensure a stable energy supply andreduced costs (S+3E) while pursuing measures to respond to climate change (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in theprevious projected mix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power(unchanged), around 20% for LNG (down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil(down from 3%). The renewable energy mix would be around 14-16% for solar power, around 5% for wind power, approximately
1% for geothermal power, nearly 11% for hydroelectric power and around 5% for biomass (Note 5).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from
Renewable Energy Sources came into force to introduce a system for reserving funds for the future discarding and other disposalof solar power generation facilities (Note 6). First, this system is applicable for all solar power generation projects with an output
of 10 kW or more approved for a feed-in tariff (FIT) or feed-in premium (FIP) scheme, including projects with multiple solar
power generation facilities. Second, this system obliges the approved operators to, in principle, externally reserve funds for
disposal at the Organization for Cross-regional Coordination of Transmission Operators, Japan through direct withholding of therequired amounts from revenue. However, in exceptional cases, internal reserve will be permitted provided certain requirements
are satisfied, and listed infrastructure funds will also be permitted to opt for internal reserve upon satisfying certain conditions
such as recording funds in their financial statements in an appropriate manner.
After an extended review, policies for introducing generation-side charges were established, and a detailed policy design was
published in April 2023 in the Interim Report on the Introduction of Generation-side Charges compiled by the Specialized
Meeting for Policy Design of Electricity and Gas Market Surveillance Commission. The said report stated that, while all powersources that are connected to the grid and supply electricity at the same time are basically billable, the subcommittee for thelarge-scale introduction of renewable energy and next generation electricity network confirmed that points were summarized asfollows: (1) FIT- and FIP-approved power sources will be subject to generation-side charges after the end of their FIT or FIP
term; (2) Consideration will be given when purchase prices, etc. are calculated for newly approved FIT- or FIP- sources; (3)Operators of non-FIT sources and those which have ceased to be under the FIT scheme will be encouraged to take some creative
measures (bilateral contracts, etc.) and to smoothly incorporate generation-side charges into selling prices; and (4) For pumped
storage power generation and storage batteries, charges based on kilowatts alone be levied and those based on kilowatt-hours be
exempted, given that financial burdens would be heavier than those on other power sources.
Under these conditions, CSIF did not acquire any new assets nor sell any of the assets it owns during the fiscal period underreview. Its portfolio consisted of 25 facilities (with a total panel output (Note 7) of 183.9 MW, a total acquisition price (Note 8)of ¥80,000 million, and a total appraisal value of power plant (Note 9) of ¥74,870 million as of the end of the fiscal period underreview. On July 19, 2023, CSIF acquired five new facilities and its portfolio consisted of 30 facilities (with a total panel output
of 225.3 MW, a total acquisition price of ¥96,780 million, and a total appraisal value of power plant of ¥91,990 million) as ofthe date of this document. As the mid-term objective of a ¥100,000 million asset price has almost been achieved, we set a new
mid-term objective of ¥200,000 million.
(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a generalelectricity transmission and distribution business operator (refers to a “general electricity transmission and distribution business operator”
defined in Article 2, Paragraph 1, Item 9 of the Electricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafterreferred to as the “Electricity Business Act”) and specified electricity transmission and distribution business operator (refers to “specified
electricity transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation
facilities (excluding facilities falling under the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures
Concerning Promotion of Utilization of Electricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent
amendments; hereinafter referred to as the “Renewable Energy Special Measures Act.” The Renewable Energy Special Measures Act before
amendment based on the Act for Partial Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable
Energy Sources by Electricity Utilities (Act No. 59 of 2016) is referred to as the “2016 Renewable Energy Special Measures Act” and theRenewable Energy Special Measures Act after amendment based on the Act to Partially Amend the Electricity Business Act and Other Acts
in Order to Establish a Resilient and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable
Energy Special Measures Act.”) For the purposes of this report, “renewable energy generation facilities, etc.” refers collectively to renewable-5-

energy generation facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as the “site,etc.”) necessary to install maintain and operate renewable, energy generation facilities. Hereinafter, any mention of “renewable energy power
generation facilities” or “renewable energy power generation facilities, etc.” which CSIF is said to have invested in or acquired or operate
shall also cover “renewable energy power generation facilities” and “renewable energy power generation facilities, etc.” that support CSIF’s
assets under management. The same shall apply hereunder. Renewable energy may also hereinafter sometimes be referred to as“renewables.”(Note 3) Projected amount of loss in variable rent means total performance co-varying rent lost in the day when output curtailment is implemented at
individual power plants in CSIF’s portfolio subject to output curtailment. Projected amount of loss in variable rent in the day when each
output curtailment is implemented at individual power plants in CSIF’s portfolio is calculated using the following formula:
Projected amount of loss in variable rent = Forecast Power Generation (P50) at the said power plants in CSIF’s portfolio in the month that
includes the said day / number of days in the said month × 30% × purchase priceFor a definition of “energy output value projected by professional specialists (P50)” in the context of this report, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2023 (July 1, 2023 to December 31,2023), Fiscal Period Ending June 30, 2024 (January 1, 2024 to June 30, 2024), and Fiscal Period Ending December 31, 2024 (July 1, 2024
to December 31, 2024). The same shall apply hereunder.
(Note 4) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012,
including subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed
demand, output curtailment without compensation under the connection agreement may be required. The rule setting the maximum numberof days of such output curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the
maximum duration is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule are referred tocollectively as the “old rule.” The same shall apply hereunder.
(Note 5) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.
(Note 7) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total
panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 8) The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition ofassets and other acquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions,etc.; the same shall apply hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of thetransaction prices specified in the sales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 9) “Appraisal value of power plant” means (1) the median calculated by CSIF based on the appraisal values of a power plant shown invaluation reports with the date of value opinion on June 30, 2023 (July 1, 2023 for five facilities acquired on July 19, 2023) fromPricewaterhouseCoopers Sustainability LLC or Kroll International Inc. to whom appraisal of the power plant consisting of a photovoltaic
system and land on which such system is installed was entrusted by CSIF or (2) the median of the business value of the power plant shownin valuation reports.

c. Overview of Financing
In the fiscal period under review, CSIF has not raisen any additional funds, including the issuance of new investment units,
borrowing of funds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF madea contractual repayment of ¥1,144 million at the end of the fiscal period under review, bringing the total amount of interestbearing debt as of the end of the fiscal period under review to ¥36,543 million (amount of borrowings ¥31,643 million andamount of investment corporation bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt to total assets (ratio ofinterest-bearing debt to total assets at the end of fiscal period) was 47.9%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating
agency.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

RatingOutlook

A

－

A

－

The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause and for qualified institutional
Japan Credit Rating Agency,
Ltd. (JCR)

investors only)
The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause)(Green bonds)-6-

CSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,

RatingOutlookA-

PositiveA

StableLong-term Issuer Rating

Ltd. (JCR)
d. Overview of Business Performance and Distribution

As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥3,452 million, operating income of ¥1,156, ordinary income of ¥1,003, and net income of ¥1,003 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”;
CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods incalculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 12th fiscal period is 76.4%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF
projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF
remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of an energy
output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents with regard
to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount of projected NCF
multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution
for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,449,960,000,
equivalent to 76.4% of projected NCF for the period of ¥1,898,513,782. Dividend per investment unit is ¥3,750 for the fiscal
period under review.
II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
Considering the economic outlook in Japan during the second half of 2023, overcoming the pandemic caused by COVID-19,
economic activity has resumed. Meanwhile, both the global surge in prices for energy resources caused by Russia’s invasion of
Ukraine and the worldwide increase of interest rates are currently calming down. Since they are both thought to significantly
impact the Japanese economy, it is necessary to continue monitoring them.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure,with “S+3E” as the basic premise, that renewables become a major power source and to focus on renewables as an overriding
principle, encouraging maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local
communities (Note 1), and the 2030 energy mix also indicates an increase in the share of renewables, setting ambitious forecasts.
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment and-7-

Management Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy
power generation operators to temporarily suspend power generation through photovoltaic power generation facilities, etc. wasresumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. In addition, some output curtailments wereintroduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022 andin the Hokkaido Electric Power jurisdiction in May 2022. And also the Okinawa Electric Power, in January 2023 and the Chubu
Electric Power the Hokuriku Electric Power in April 2023, the Kansai Electric Power in June 2023 have started. It was alsoannounced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the old rule, which werepreviously not subject to output curtailment, will also become subject to output curtailment. Furthermore, at a meeting of the
Subcommittee on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks held on December 24,
2021, the idea that lowering the minimum output of thermal power generation facilities would be an effective way to reduce theoutput curtailment of renewables was put forward. Subsequently, at the meeting held on May 29, 2023 of “The Subcommittee
on New Energy of the Sectional Meeting on Energy Saving and New Energy under the Advisory Committee for Natural
Resources and Energy; and the Working Group on the Grid of the Basic Policy Subcommittee on Electricity and Gas of theSectional Meeting on Electricity and Gas Business” and the meeting held on June 21, 2023 of “The Sectional Meeting on Energy
Saving and New Energy under the Advisory Committee for Natural Resources and Energy; and the Subcommittee on Mass
Introduction of Renewable Energy and Next-Generation Electricity Networks,” expert discussions were held under the basic
policy of scaling back output curtailment of renewable energy. Through extensive discussions on potential initiatives in supply,
demand and the grid, respectively, a new package of measures for the reduction of renewable energy output curtailment will becompiled by the end of 2023. Accordingly, the implementation of output curtailment is expected to be better controlled in the
future compared to this year.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in I. Overview
of the Fiscal Period under Review above, discussions are underway regarding the exemption of FIT- or FIP- approved powersources from generation-side charges during their FIT or FIP term. This means that it would no longer be necessary to take into
account the negative impact, which was expected to be imposed on CSIF’s management on performance in and after 2024.
As stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the 2020 Amendment to the Renewable Energy Special
Measures Act was enacted in April 2022. Under this act, various measures such as the FIP system, system for nullifying
approvals and reserve of decommissioning costs for solar power generation facilities were introduced.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group (Note 4) based on the vertical integration
model for the construction of the value chain (Note 5) with the aim of creating mutual value should lead to the enhancement ofvalue for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to
increase assets utilizing the preferential trading negotiation right granted by the Sponsor Group.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the AssetManager’s own network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim
for further external growth through the use of diverse acquisition methods, including acquiring assets via the Japan GreenInfrastructure Fund, which was established by The Canadian Solar Group and invests in renewable energy power generation
facilities, etc. in Japan, and the bridge fund, in addition to direct acquisitions from sellers.
As a recent move toward CSIF’s growth in the future, the transfer of CS Azuma Kofuji Solar Power Plant, which was thesponsor’s largest development project (100MW) in Japan and was among Japan’s largest projects, to the bridge fund wascompleted on May 31, 2023. The Asset Manager has preferential negotiation rights to purchase the said power plant for futureacquisition by CSIF.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are verticallyintegrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies,
partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.

-8-

(ii) Internal Growth Strategy
In circumstances where domestic power consumers are increasingly required to participate in decarbonization initiatives
around the world, CSIF started a new approach in September 2022 to grant to power consumers tracking information (information
regarding renewable energy power plants attached to FIT Non-Fossil Certificate (Note 1)) for CS Daisen-cho Power Plant (A),CS Daisen-cho Power Plant (B) and CS Marumori-machi Power Plant. The initiative aims to satisfy power consumers’ need toachieve RE100 (Renewable Energy 100%) and has achieved the receipt of ¥0.2/kWh in addition to CSIF’s FIT unit price.
Moreover, agreements on the specified wholesale supply of renewable energy were concluded with electricity retailers regarding
CS Hiji-machi Dai-ni Power Plant in April 2023, and CS Mashiki-machi Power Plant, CS Izu-shi Power Plant and CS Ogawaramachi Power Plant in June 2023. As a result, CSIF was able to double the unit price to ¥0.2/kWh in addition to CSIF’s FIT unit
price.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of
the Sponsor Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the lossof power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment andManagement Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above, CSIF
carried out the modification of individual power plants in its portfolio to support online output curtailment (which refers to output
curtailment of photovoltaic power generation facilities with a remote output controller installed, the same applies below) as it
did in the previous fiscal period. While all the CSIF-owned power plants in the area served by Kyushu Electric Power are subject
to the 30-day rule for output curtailment, the above modifications required for online output curtailment led to a shift from theprevious all-day curtailment to hourly curtailment and opened the way for controlling the decrease in lease revenue due to a
decline in energy output for reason of output curtailment. In addition, curtailment within a day is counted as one day regardlessof the duration, which allows the power plant to respond to output curtailment during peak demand for electricity while
complying with the 30-day rule. As a result of further progress shifting to the online output curtailment arrangement, allphotovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in reducing lost lease
revenue due to curtailment compared with the same period of the previous year and this boosted operating revenue. In addition,
CSIF is currently gradually installing online output curtailment equipment at power plants outside the Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. Further, recognizing that climate change is an important environmental issue withpotential risks and opportunities when conducting business focused on the environmental pillar of ESG, we disclosed information
about initiatives to address climate change in line with the TCFD recommendations on February 14, 2022. On March 1, 2022,
the Asset Manager established the Sustainability Committee, which will be required to report to CSIF’s Board of Directors atleast twice a year going forward. Meanwhile, CSIF established a green finance framework (hereinafter referred to as the “Green
Finance Framework”) for the financing of activities that will provide environmental benefits, covering debt financing such as
green bonds and green loans, and on May 11,2020, CSIF acquired the highest green finance evaluation of Green 1(F) for theGreen Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is an independent rating agency. Subsequently,
CSIF revised the green finance framework as of June 30, 2023 so that the framework would be applied to equity finance including
the issuance of investment units at the time of offering investment units. The revised green finance framework acquired a thirdparty evaluation of Green1 (F) in Green Finance Framework Evaluation conducted by JCR.
Updated on

Evaluating Agency

June 30, 2023

Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreenness (use of proceeds)
Management, Operation and Transparency

Green 1 (F)g 1 (F)
m 1 (F)CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant,
CS Ogawara-machi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are partof the assets owned by CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power
effectively derived from renewable energy (Note 2). In addition, CSIF announced the Notice concerning the Conclusion of an
Agreement Concerning the Granting of Tracking Information on Solar Power Plants Owned by CSIF on September 29, 2022.
As was mentioned there, CSIF signed a new agreement with power consumer, unidentified under non-disclosure agreementswith them, for the granting of information on renewable energy power plants (hereinafter referred to as “tracking information”)
added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B) and CS
Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasing needs ofpower consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of
the energy consumed in business activities renewable energy.
(Note 1) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased under the FIT scheme-9-that is traded on the Non-Fossil Value Trading Market operated by Japan Electric Power Exchange (hereinafter referred to as “JPEX”).
(Note 2) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers. Electricity retailers need to
inform of this to consumers.
(Note 3) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity retailers must separately
purchase non-fossil certificates according to the energy output sold and use them.

(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending December 31, 2023 (July 1, 2023 to December 31, 2023), the fiscal
period ending June 30, 2024 (January 1, 2024 to June 30, 2024) and the fiscal period ending December 31, 2024 (July 1, 2024
to December 31, 2024) is as follows. For details of the assumptions underlying the forecast of management status, please refer
to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2023 (July 1, 2023 to
December 31, 2023), the fiscal period ending June 30, 2024 (January 1, 2024 to June 30, 2024) and the fiscal period ending
December 31, 2024 (July 1, 2024 to December 31, 2024)” described below.

Fiscal period ending
Dec. 2023
Fiscal period ending
Jun. 2024
Fiscal period ending
Dec. 2024

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Distributions
per unit(excluding
distributions
in excess ofearnings)

million yen

million yen

million yen

million yen

yen

yen

yen

4,472

1,665

1,148

1,147

2,539

1,211

3,750

4,487

1,682

1,414

1,413

3,129

646

3,775

4,445

1,639

1,379

1,378

3,051

724

3,775

Distributions inexcess of
earnings per unit

Distributions
per unit(including
distributions inexcess of
earnings)

d Facts arising after the settlement of accounts(i) Issuance of new investment units
The payment on July 18, 2023 for the issuance of new investment units through public offering and the payment on August
10, 2023 for the new investment units to be issued through third-party allotment have been completed, that were resolved at theboard of directors meeting regarding the issuance of new investment units held on June 30, 2023, as follows. As a result, thetotal amount of unitholders’ capital is 45,718,564 thousand yen, and the total number of investment units issued andoutstanding is 451,756 units as of the date of issuance of this statement.
(a) Issuance of new investment units through public offering
Number of investment units tobe offered

62,000 units

Issue Price (Offer Price)
Total Issue Price (Total Offer Price)

117,292 yen per unit
7,272,104,000 yen

Amount to be paid in (Issue Value)
Total amount to be paid in (Total

112,480 yen per unit

Issue Value)
Payment Date
Use of proceed

6,973,760,000 yen
Tuesday, July 18, 2023
The net proceeds from the public offering wereused for a part of the fund for the acquisition of
specified assets described in (iii) Acquisition ofassets, as follows.

(b) New investment units to be issued through third-party allotment
Number of units to be issued
Amount to be paid in (Issue Value)

3,100 units
112,480 yen per unit

Total amount to be paid in (Total
Issue Value)348,688,000 yen- 10 -

Allottee
Payment dateMizuho Securities Co., Ltd.
Thursday, August 10, 2023

Use of proceed

The proceeds from the issuance of new
investment units through the third-party allotment
shall be reserved as funds in hand to be allocatedto a part of the fund for acquiring the specified
assets (as set forth in Article 2, Paragraph 1 of the
Act on Investment Trusts and Investment
Corporations), that satisfy the eligibility criteria
set forth in the Green Finance Framework
formulated by CSIF in the future or a part of thefund for repaying existing loans.

(ii) Borrowing of funds
CSIF completed the borrowing of funds (hereinafter referred to as the “Borrowings”) on July 19, 2023, as followings. The
funds from the Borrowings were used for a part of the fund for the acquisition of specified assets and other related costs
described in (iii) Acquisition of assets, as follows.
Type

Lenders(Note 1)

BorrowingAmountInterest
Rate(Note 2)

Drawdown Borrowing
Date

MethodMaturity
Date

Security /Repayment
Guarante
Methode (Note(Note 3)
4)

Borrowing basedonindividual

Syndicate of lenders
arranged by Sumitomo
Mitsui Banking
Longterm

Corporation, Mizuho
Bank, Ltd. and SBI Shinsei
Bank, Limited as arrangers
and MUFG Bank, Ltd. and¥5,800
million(Note 5)

Base rate
plus
0.45%
(Note 6)term loan
agreement
July 19,2023

Sumitomo Mitsui Trust
Bank, Limited as co-s enteredinto onJuly 12,2023 withthelenders

arrangerThe
correspo
nding
date at
10 yearsfrom theBalloon(Note 5)

Unsecured,
unguaranteeddrawdown datelisted in
the leftcolumnBorrowing basedonindividual

Syndicate of lenders
arranged by Sumitomo
Mitsui Banking
Corporation, Mizuho
Longterm

Bank, Ltd. and SBI Shinsei
Bank, Limited as arrangers
and MUFG Bank, Ltd. and
Sumitomo Mitsui Trustterm loan
agreement

Base rate¥5,800
million

plus
0.45%

(Note 5)(Note 6)(Note 9)July 19,2023

s enteredinto onJuly 12,2023 withthelenders

Bank, Limited as coarranger

listed in
the leftcolumn- 11 -

The
correspo
nding
date at
10 yearsfrom thedrawdown dateUnsecuBalloon(Note 5)

red,
unguaranteedType(Note 1)

BorrowingAmountLenders

Interest
Rate(Note 2)

Drawdown Borrowing
MethodDate
Borrowing basedSecurity /Repayment
Maturity
Guarante
MethodDatee (Note(Note 3)4)The
earlierondate of (i)individual July 19,
Sumitomo Mitsui Banking
Shortterm

Corporation, Mizuho
Bank, Ltd. and SBI
Shinsei Bank, Limited¥1,100
million(Note 7)term loan 2024 oragreement (ii) theBase rate
plus
0.20%

July 19,2023(Note 8)s enteredinto onfirst
interest

July 12,2023 withpayment
date afterthelenderstheconsumpt

listed in
the left

ion tax
refundcolumndate

UnsecuBulletred,
unguaranteed(Note 1) “Long-term” refers to borrowings that have a period of over one year from the drawdown date to the maturity date and “Short-term” refers toborrowings that have a period of less than one year from the drawdown date to the maturity date.
(Note 2) Finance-related costs paid to the lenders are not included.
(Note 3) CSIF can make an early repayment during the period from the drawdown date to the maturity date of all or settlement date of CSIF, such as thetotal amount of interest-bearing liabilities to the total asset value, debt-to-equity ratio and debt service coverage ratios as indicators to determine
the ability of CSIF to repay the loan. Breaches of such covenants for 2 successive fiscal periods or an occurrence of an acceleration event could
result in being required to grant security interests in favor of the lenders.
(Note 5) The first principal repayment date will be December 31, 2023, and subsequent principal repayment dates will be the last days of June andDecember (if a principal repayment date is not a business day, then the payment will be made on the immediately succeeding business day;provided, however, that if such payment day falls into the following month, then the payment will be made on the immediately precedingbusiness day) and the remaining principal on the maturity date will be repaid in a single installment (balloon amortization). The rate of capital
redemption planned on December 31, 2023 is 2.90% of the Borrowing Amount if the loan takes the balloon payment method.
(Note 6) The applicable base rate for each interest calculation period (being 3 months, excluding the first and last interest period) for the calculation of theinterest payable on the interest payment date will be the 3 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by theGeneral Incorporated Association JBA (Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown
date for the first interest calculation period and on the 2nd business day prior to the beginning of each relevant interest calculation period
thereafter. The applicable base rate will be revised for each interest period. However, if a corresponding base rate is not available for an interest
calculation period, the base rate will be calculated using the method agreed in the relevant loan agreement. Fluctuations in JBA’s TIBOR can bechecked at the General Incorporated Association JBA TIBOR Administration’s website (https://www.jbatibor.or.jp/rate/).
(Note 7) Bridge Loan for Consumption Tax Payment is used to pay consumption tax, and it is to be repaid by the tax refund. Borrowings of this nature aresometimes referred to as “Bridge Loan for Consumption Tax Payment.”(Note 8) The applicable base rate for each interest calculation period (being 1 month, excluding the first and last interest period) for the calculation of theinterest payable on the interest payment date will be the 1 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by theGeneral Incorporated Association JBA (Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown
date for the first interest calculation period and on the 2nd business day prior to the beginning of each relevant interest calculation period
thereafter. The applicable base rate will be revised for each interest period. However, if a corresponding base rate is not available for an interest
calculation period, the base rate will be calculated using the method agreed in the relevant loan agreement. Fluctuations in JBA’s TIBOR can bechecked at the General Incorporated Association JBA TIBOR Administration’s website (https://www.jbatibor.or.jp/rate/).
(Note 9) The interest rate was fixed at 1.26950% with the execution of the interest rate swap agreement effective on August 10th,2023.

(iii) Acquisition of assets
CSIF acquired the following solar energy projects on July 19, 2023.
Asset
number(Note 1)

Project name

S-26

CS Fukuyama-shi Power Plant

S-27

CS Shichikashukumachi Power Plant(Note 3)

- 12 -

Location

Acquisition price(Note 2)(¥ million)

Fukuyama-shi, Hiroshima

1,340

Katta-gun, Miyagi

3,240

S-28

CS Kama-shi Power Plant

Kama-shi, Fukuoka

586

S-29

CS Miyako-machi Saigawa Power Plant(Note 4)

Miyako-gun, Fukuoka

5,780

S-30

CS Kasama-shi Dai-san Power Plant

Kasama-shi, Ibaraki

5,840

Total

‐

16,786(Note 1) Asset numbers are assigned to the projects, based on the classification of the renewable energy power generation facility. “S”
denotes a solar energy project.
(Note 2) Based on the land or parcel of land upon which the solar energy facility is located, as described in the property registry. The address
is described down to the city or district level.
(Note 3) With respect to CS Shichikashuku-machi Power Plant, CSIF paid 345,173,638 yen, which is equivalent to the land rent after July 1,
2023, the first day on which the income and expenses of the property vest in CSIF, to the seller in settlement of the amount paid asadvance land rent under the agreement for the establishment of surface rights to which the seller is a party, in addition to theanticipated acquisition price.
(Note 4) CS Miyako-machi Saigawa Power Plant is a solar power generation facility consisting of CS Miyako-machi No. 1 Power Plant, CS
Miyako-machi No. 2 Power Plant, CS Miyako-machi No. 3 Power Plant, CS Miyako-machi No. 4 Power Plant, CS Miyako-machi
No. 9 Power Plant and CS Miyako-machi No. 10 Power Plant, each of which is independently certified as a facility under the prerevision Act of 2016 on Special Measures Concerning Procurement of Renewable Energy Electricity by Electric Utilities Article
6, Paragraph 1 (Law No. 108 of 2011, including subsequent amendments) (hereinafter referred to as the "Renewable Energy
Special Measures Act"), and is managed as a single solar energy facility.

- 13 -

“
Assumptions Underlying Forecast of Management Status for the fiscal period ending December 31, 2023 (July 1, 2023 to December
31, 2023), the fiscal period ending June 30, 2024 (January 1, 2024 to June 30, 2024) and the fiscal period ending December 31, 2024
(July 1, 2024 to December 31, 2024),
Item
Calculation period

Portfolio

Assumptions
・ 13th fiscal period :from July 1, 2023 to December 31, 2023 (184 days)
・ 14th fiscal period :from January 1, 2024 to June 30, 2024 (182 days)
・ 15th fiscal period: from July 1, 2024 to December 31, 2024 (184 days)
・ Assumptions are based on the sum of 25 domestic solar energy projects CSIF owned at the end of
the fiscal periods ending June 30, 2023 (12th fiscal period) (“Acquired Projects”) and 5 additional
projects acquired on July 19, 2023 (“Acquisitions in 13th FP”); totaling 30 projects andbeneficiary interest, which holds solar power generation facilities in trust (“Projects Held”). CS
Fukuyama-shi Power Plant, CS Shichikashuku-machi Power Plant, CS Kama-shi Power Plant,
CS Miyako-machi Saigawa Power Plant and CS Kasama-shi Dai-san Power Plant acquired on
July 19, 2023 (hereinafter refer to as the “Acquisitions in the 13th FP”) are included in the 30
projects.
・ These forecasts are based on the assumption that there shall have been no changes in thecomposition of CSIF’s portfolio (such as acquisition of new assets and dispositions of Projects
Held, etc.) until the end of the 15th fiscal period, December 31, 2024.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Acquisitions in the 13th FP or disposal of the Projects Held, etc.
・ Among the operating revenues of the Projects Held, revenues are calculated based on the leaseagreements of the Acquired Projects and the Acquisitions in the 13th FP that are in effect as oftoday. CSIF’s leasing structure for its solar energy projects will be comprised of a) basic rent andb) variable rent as follows. Revenue forecasts for the 13th, 14th and 15th fiscal periods are ¥4,472
million, ¥4,487 million and ¥4,445 million, respectively.
a) Basic rent for Projects Held is calculated as follows:
Monthly projected energy output (P50) x (100-Y)% x 70% x FIT purchase priceOf the Acquired Projects and the Acquisitions in the 13th FP, with respect to CS Kama-shi
Power Plants, the monthly projected energy output (P50) (Note 1) (Note 2) refers to such figures
disclosed in the technical reports (an evaluation report of the system, the capacity, the relevant
contracts attached and continuity (performance degradation and environmental evaluation) of thesolar energy facility) that Canadian Solar Asset Management K.K., the asset manager of CSIF
(the “Asset Manager”) received from E&E Solutions Inc. (“Technical Report”), and with respect
to CS Fukuyama-shi Power Plant, CS Shichikashuku-machi Power Plant, CS Miyako-machi
Saigawa Power Plant and CS Kasama-shi Dai-san Power Plant, the monthly projected energy

Operating Revenues

output (P50) (Note 1) (Note 2) refers to such figures disclosed in the energy yield reports that theAsset Manager received from TÜV Rheinland Japan Ltd. (the “Energy Yield Report” ).
b) Variable rents for the Acquired Projects and the Acquisitions in the 13th FP are calculated asfollows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % to themonthly actual energy output for each solar energy project by FIT purchase price will be
captured as a performance-related variable rent. In any case, if the calculation of the variable rent
is a negative number, it shall be deemed to be zero.
(*Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50%
probability by the third-party providers of the technical reports and other experts. The same applies
hereinafter.
(*Note 2) The calculation of parts of Acquired Projects and Acquisitions in the 13th FP is based on the estimatedmonthly power generation (P50) presented in the Technical Report, after deducting the rate ofcurtailment from third party research firm.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for Acquired Projects and Additional Projects.

- 14 -

Item

Assumptions
・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the level

Operating revenues

Operating expenses

Non-operating expenses

Borrowings

Number of investment unitsof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements for the Acquired Projects and the Acquisitionsin the 13th FP will be renewed on equal terms under these agreements.
・ Among the operating expenses of the Projects Held, operating expenses other than depreciation
costs have been accounted for based on past figures for Acquired Projects and figures provided
by each owner at the time of acquisition of the Acquisitions in the 13th FP and estimates fromsubcontractors, etc., taking into account variables. Such costs for the 13th, 14th and 15th fiscal
periods are assumed to be ¥1,073 million, ¥1,069 million and ¥1,068 million, respectively.
・ Property-related taxes for the Acquisitions in the 13th FP will be paid by CSIF and the owner at
the time of acquisition on a pro rata basis from the acquisition date to the end of the calendar year.
The adjustment amounts for the Acquisitions in the 13th FP will be incorporated into theacquisition costs and will therefore not be recognized as a part of the operating costs for FY2023.
Property-related taxes of Acquired Projects and Acquisitions in the 13th FP thereafter will be
expensed and is assumed to be ¥6 million, ¥7 million and ¥7 million for the 13th, 14th and 15th
fiscal periods, respectively.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager's estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ CSIF expects to pay ¥263 million, ¥263 million and ¥263 million for the 13th, 14th and 15th fiscal
periods, respectively, as O&M fees.
・ CSIF assumed it will incur expenses related to land lease in the amounts of ¥96 million, ¥96
million and ¥96 million for the 13th, 14th and 15th fiscal periods, respectively, in connection with
the Assets in Possession.
・ CSIF has assumed that it will incur depreciation expenses, including certain ancillary expenses of¥1,733 million, ¥1,735 million and ¥1,737 million for the 13th, 14th and 15th fiscal periods,
respectively. These figures are calculated using the straight-line method.
・ CSIF has assumed the cost of ¥67 million for the 13th fiscal period, which is to be amortized as
incurred,in connection with the issuance of the investment units.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥450 million, ¥267 million and ¥259 million for the 13th, 14th and15th fiscal periods, respectively.
・ CSIF’s balance of interest-bearing debt totals ¥49,243 million (borrowings and investment
corporation bonds) as of today. CSIF has assumed that the interest-bearing debt will be repaid in
the amounts of ¥1,467 million, ¥2,597 million and ¥1,402 million for the 13th, 14th and 15th
fiscal periods, respectively, by contracts.
・ CSIF anticipates that its LTV (loan-to-value) ratio will be approximately 51.5%, 50.0% and 49.1%
as of the end of 13th, 14th and 15th fiscal periods, respectively
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 451,756 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 15th fiscal
period ending December 31, 2024.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as of theend of each fiscal period will be 451,756 units.

- 15 -

Item

Distributions per unit
(excluding distributions inexcess of earnings)

Distributions in excess ofearnings per unit

Assumptions
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements, fluctuations
in energy output, unforeseeable repair and maintenance expenses incurred and other factors maylead to changes in the amount of distributions per unit (excluding distributions in excess ofearnings).
・ Distributions in excess of earnings per unit will generally be based on the cash distribution policy
prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management
guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amount payable
to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total amount of
net cash flow remaining after deduction of distributions from the preceding fiscal periods incalculating the net cash flow) (Note 2) with the applicable payout ratio, which will be determinedby CSIF at its discretion for each fiscal period. Further, CSIF intends to make distributions inexcess of earnings for each fiscal period in order to realize such policy.
・ CSIF intends to maintain distributions per unit including distributions in excess of earnings in the
13th fiscal periods around ¥3,750. Distributions in excess of earnings are assumed to be ¥1,211
in the 13th period. Distributions per unit including distributions in excess of earnings in the 14th
period and in the 15th period are also ¥3,775. Distributions in excess of earnings are assumed tobe ¥646 in the 14th period and ¥724 in the 15th period. Distributions including distributions inexcess of earnings shall be calculated by multiplying anticipated NCF at the beginning of eachperiod with certain fixed ate. The rate is to be decided considering related anticipated NCF at the
beginning of each period, and is assumed to be 94.9% in the 13th fiscal period.
・ Taking the economic environment, market environment of renewable energy power plant businessand financial condition of CSIF, etc. into account, CSIF can choose not to make distributions inexcess of earnings in order to spend for repair and capital expenditure, repay the borrowings,
apply to a new asset acquisition and acquire own investment units, etc.
・ Since distributions in excess of earnings accompany decrease of a cash position, the possibility ofshortages of a cash position and the financial restriction for a swift assets acquisition can occur
when CSIF needs to spend for capital expenditure more than estimated because of unexpected
events.
(*Note 1) Free Cash Flow (FCF): Rent revenues minus expenses related to rent business and capital expenditures related
to assets. Expenses related to rent business include all cash expenses related to operation, including payment ofasset management fees and administrative service fees, but exclude interest payments related to interest-bearing
debt or other financing-related expenses.
(*Note 2) Net cash flow (NCF) for the applicable period: Free Cash Flow minus interest payments related to interestbearing debt and repayments of interest-bearing debt for the relevant fiscal period plus total amount of net cash
flow remaining after deduction of distributions from the preceding fiscal periods.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic trends
or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on June 30, 2023 including subsequent amendments.)- 16 -

2. Financial Statement(1) Balance Sheet(Unit : thousand yen)
11th Period(December 31, 2022)

AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Accounts receivable
Prepaid expenses
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Security deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities- 17 -

12th Period(June 30, 2023)

5,271,544
798,973
13,141
262,70959,4686,405,837

4,989,834
1,035,888
181,049
46,202
6,252,975

1,056,877(193,153)
863,724
42,480,349(8,203,513)
34,276,835
591,663(114,667)
476,996
4,505,944
6,590,138(441,608)
6,148,530
20,291,246(1,549,535)
18,741,711
94,264(7,036)87,2284,769,905
69,870,876

1,064,093(215,001)
849,092
42,495,764(9,077,413)
33,418,351
592,466(126,616)
465,849
4,505,944
6,590,138(563,468)
6,026,670
20,291,246(1,972,524)
18,318,722
94,418(8,971)85,447
4,769,905
3,751
68,443,734

1,156,923
2,226
1,159,150

1,156,923
2,528
1,159,452

481,80210
15
15,60037,790535,21771,565,244

443,26810
72
15,60037,790496,741
70,099,928

14,921
14,921
77,986,003

12,141
12,141
76,365,045

87,3242,275,477
161,541
123,547
914
76,7731,265
2,726,843

56,3992,267,295
158,704
120,796
848
84,607511
2,689,163

4,900,000
30,512,844
35,412,844
38,139,687

4,900,000
29,376,343
34,276,343
36,965,507

Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 18 -

40,631,004(1,998,255)
38,632,749

40,631,004(2,234,888)
38,396,116

1,213,566

1,003,421

1,213,566
39,846,315*1 39,846,315
77,986,003

1,003,421
39,399,537*1 39,399,537
76,365,045

(2) Statement of Income(Unit: thousand yen)
11th period(from July 1, 2022
to December 31, 2022)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)- 19 -

12th period(from January 1, 2023
to June 30, 2023)*1 3,715,150*1 3,452,770

3,715,150

3,452,770*1 2,114,647*1 2,083,424

115,772
27,2512,400
16471,6122,331,848
1,383,301

108,941
28,8732,400
52
72,9052,296,597
1,156,173

29
39,287
202
39,51928
056,880301
57,210148,732
19,262

141,496
18,947

2,779

2,779

37,730208,505
1,214,315
1,214,315
918
(2)
915
1,213,400
165
1,213,566

37,7308,451
209,406
1,003,977
1,003,977
852
(57)
794
1,003,182
239
1,003,421

(3) Statements of Changes in Unitholders’ Equity
11th Fiscal Period (From July 1, 2022 to December 31, 2022)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034 40,142,034

Dividend of
surplus---(1,509,118) (1,509,118)(1,509,118) (1,509,118)

Net Income

-

-

-

1,213,400

1,213,400

1,213,400

1,213,400---(295,718)(295,718)(295,718)(295,718)*1 40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315 39,846,315

Balance as of July 1,
2022
Changes of items
during the period

Total changes of
items during theperiodBalance as ofDecember 31, 2022

12th Fiscal Period (From January 1, 2023 to June 30, 2023)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566-(236,633)(236,633)--

Dividend of
surplus---(1,213,326) (1,213,326)(1,213,326) (1,213,326)

Net Income

-

-

-

1,003,182

1,003,182

1,003,182

1,003,182

Total changes of
items during the-(236,633)(236,633)(210,144)(210,144)(446,777)(446,777)*1 40,631,004(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537 39,399,537

Balance as ofJanuary 1, 2023

39,846,315 39,846,315

Changes of items
during the period
Distribution inexcess of earnings(236,633)(236,633)

periodBalance as of June30, 2023- 20 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From July 1, 2022
to December 31, 2022)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions(Note)

Fiscal Period under Review(From January 1, 2023
to June 30, 2023)
Unit: Yen

1,213,566,004

1,003,421,642

236,633,472

446,587,680

1,449,960,000(3,750)1,213,326,528(3,138)236,633,472

1,449,960,000(3,750)1,003,372,320(2,595)446,587,680(612)(1,155)

239,476
49,322
In accordance with Articles 47,
In accordance with Articles 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥1,213,326,528 make distributions of ¥1,003,372,320
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings forthe fiscal period under review of the fiscal period under review of¥1,213,566,004 excluding fractions of ¥1,003,421,642 excluding fractions of
the distribution per unit that are less than the distribution per unit that are less than
¥1.
¥1.
CSIF distributes cash in excess of
CSIF distributes cash in excess ofretained earnings every fiscal period retained earnings every fiscal period
based on the cash distribution policy based on the cash distribution policy
prescribed in Article 47, Paragraph 2 of prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Based CSIF’s Articles of Incorporation. Basedon this policy, CSIF decided to make cash on this policy, CSIF decided to make cash
distributions in excess of earnings (return distributions in excess of earnings (returnof capital categorized as a distribution of of capital categorized as a distribution of
the reduction in capital for Japanese tax the reduction in capital for Japanese tax
purposes) in the amount of ¥236,633,472 purposes) in the amount of ¥446,587,680
which is equivalent to 16.3% of the which is equivalent to 30.7% of theamount of depreciation expenses amount of depreciation expenses
recorded for the fiscal period under recorded for the fiscal period underreview of ¥1,453,687,832.
review of ¥1,454,833,616.
Accordingly, the distribution per unit is
Accordingly, the distribution per unit
¥3,750.
is ¥3,750.
Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in

CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewable- 21 -

energy power generation facilities and if actual NCF calculated based on actual power generation during the applicable fiscal
period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of theamount of cash distributions for the applicable fiscal period. .
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,449,960,000 which is equivalent
to 77.1% of forecast NCF amount for the fiscal period under review of ¥1,880,540,436. Of this, ¥236,633,472 which is theamount less of distributions of profit of ¥1,213,326,528 is distributions in excess of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent
to 76.4% of forecast NCF amount for the fiscal period under review of ¥1,898,513,782. Of this, ¥446,587,680 which is theamount less of distributions of profit of ¥1,003,372,320 is distributions in excess of retained earnings.

- 22 -

(5) Statement of Cash Flow(unit: thousand yen)
11th period(From July 1, 2022
to December 31, 2022)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Other non-operating income
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property and equipment
Purchases of intangible assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayment of long-term loans payable
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period

1,214,315
1,453,687

1,003,977
1,454,833

2,779

2,779

(29)
167,994(202)
349,688(13,141)(71,785)(99,119)
38,53322,025(10,459)(15,040)
16,824
3,056,072
29(167,082)(857)
2,888,162(28)
160,444(291)(236,915)
13,141
7,645
81,65938,533(35,111)(45)(1,784)
12,5122,501,351
28(161,410)(918)
2,339,051(72,094)(825)(72,919)(25,465)(654)(26,119)(1,116,861)(1,509,118)(2,625,979)
189,264(1,144,681)(1,213,326)(236,633)(2,594,641)(281,710)

5,082,280

5,271,544*1- 23 -

12th period(From January 1, 2023
to June 30, 2023)

5,271,544*1

4,989,834

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.
(7) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1. Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures............................................... 22 - 25 years
Machinery and equipment..................... 6 - 25 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 25 years
Tools, furniture and fixtures in trust...... 24 - 25 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassets(1) Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
(2) Investment units issuance costs
Expensed wholly when incurred.

3. Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among othertaxes, on the infrastructure assets held, of the tax amount assessed and determined, theamount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and other assets.

4. Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less at thedate of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5. Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 24 -

6. Other significant matters serving as
the basis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants,
all assets and liabilities within entrusted assets as well as all revenue and expense items
which occur to entrusted assets are recorded as the respective account titles on the balance
sheet and statements of income. The following important account titles among theentrusted assets which are recorded as the respective account titles are separately
indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust, Construction in progress in trust.

(8) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofDecember 31, 2022

As ofJune 30, 2023
50,00050,000[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From July 1, 2022 to
December 31, 2022

From January 1, 2023 toJune 30, 2023

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)

2,603,324

2,572,178(Variable rent linked to actual output)

1,111,032

880,587794

43,715,150

3,452,770(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

254,787

252,922(Repair and maintenance costs)

50,561

29,835(Taxes and duties)

243,242

211,913(Utilities expenses)

6,915

7,262

(Insurance expenses)

37,24358,314(Depreciation expenses)

1,453,152

1,454,481(Land rent)

62,09662,044(Trust fees)

6,600

6,600

49

49

2,114,647

2,083,424

1,600,502

1,369,346(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)- 25 -

[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2022 to
December 31, 2022
Total number of authorized investment
units

From January 1, 2023 toJune 30, 2023

10,000,000 units

10,000,000 units

386,656 units

386,656 units

Total number of investment units issued
and outstanding[NOTES TO STATEMENT OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From July 1, 2022 to
December 31, 2022
Cash and deposits

5,271,544

4,989,834--

5,271,544

4,989,834

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From January 1, 2023 toJune 30, 2023

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

December 31, 2022

June 30, 2023

Within one year

5,142,217

5,108,927

Longer than one year

68,750,697

66,556,237

Total

73,892,914

71,665,164- 26 -

[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in
the medium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2022, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included
int he table. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,275,477

2,278,187

2,709(2) Long-term loans payable

30,512,844

30,766,331

253,487(3) Investment corporation bond

4,900,000

4,894,170(5,830)Total liabilities

37,688,321

37,938,688

250,367(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 27 -

The table below shows the book value and fair values of financial instruments as of June 30, 2023, and the difference between
them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits are settled in the
short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included int he table.
Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,267,295

2,268,972

1,676(2) Long-term loans payable

29,376,343

29,513,817

137,474(3) Investment corporation bond

4,900,000

4,885,960(14,040)

Total liabilities

36,543,639

36,668,750

125,110(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2022)

Within one
year
Long-term loans payable

2,275,477

2,228,931

2,270,245

2,256,998

9,570,112

14,186,556-

1,100,000-

3,800,000--

2,275,477

3,328,931

2,270,245

6,056,998

9,570,112

14,186,556

Investment corporation bond
Total

Scheduled redemption amount of loans payables after the closing date (June 30, 2023)

Within one
year
Long-term loans payable(Unit: thousand yen)

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

2,267,295

2,206,896

2,301,459

2,240,050

9,164,997

13,462,939-

1,100,000

3,800,000---

2,267,295

3,306,896

6,101,459

2,240,050

9,164,997

13,462,939

Investment corporation bond
Total

(Unit: thousand yen)

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

[NOTES ON SECURITIES]
Prior fiscal period (as of December 31, 2022)
Not applicable.
Current fiscal period (as of June 30, 2023)
Not applicable.

- 28 -

[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of December 31, 2022) and Current fiscal period (as of June 30, 2023)
Not applicable.
Prior fiscal period (as of December 31, 2022)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedLongtermloanspayableContract amount and otheramounts
Longer than one
year

32,788,321

30,512,844

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long- termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”

Current fiscal period (as of June 30, 2023)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedLongtermloanspayableContract amount and otheramounts
Longer than one
year

31,643,639

29,376,343

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of December 31, 2022)
Not applicable.
Current fiscal period (as of June 30, 2023)
Not applicable.

- 29 -

[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
December 31, 2022

Fiscal period ended
June 30, 2023

Deferred tax assets
Accrued business tax not deductible from taxable
income15

12Non-deductible excess depreciation-60

Total deferred tax assets

15

72

Net amount of deferred tax assets

1572

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
December 31, 2022
Effective statutory tax rate

Fiscal period ended
June 30, 2023

31.46%

31.46%(31.43)%(31.44)%

0.05%

0.06%

0.08%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose
OthersRate of burden of corporate tax and other taxes after
the application of tax effect accounting[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
Current fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
Current fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
Current fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns directly oras assets in trust, it bears the obligation of restoring relevant sites to their original conditions according to land lease contracts
concluded with landowners. With these contracts being subject to automatic renewal, expected to be renewed unless there are
special circumstances, or being highly likely to be renewed or re-concluded, the Investment Corporation has difficulty inreasonably estimating until when such contracts will remain effective. It therefore has not posted asset retirement obligations
to reflect the said obligation. In addition, the Investment Corporation considers that the possibility of such contracts being- 30 -

cancelled is extremely low because it is difficult to use land covered by the contracts for purposes other than renewable energy
power generation facilities.
[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
December 31, 2022

Fiscal period ended
June 30, 2023

Book value (Note 2)
Beginning balance

72,411,603

71,027,800

Change during the period(Note 3)

(1,383,803)(1,430,893)

Ending balance

71,027,800

69,596,907

75,519,000

74,876,000

Fair value at the end of the period(Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus withrespect to the book value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated
together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic
power generation facilities (69,349 thousand yen), and the decrease due to depreciation expenses (1,453,152 thousand yen). And the change
during the period ended June 30, 2023 primarily consisted of the increase due to capital expenditure for photovoltaic power generation
facilities (23,588 thousand yen), and the decrease due to depreciation expenses (1,454,481 thousand yen)
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles ofIncorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on December
31, 2022 and June 30, 2023, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value isthe total sum of the median amount on the basis of the appraised value stated in the valuation report with the date of the value opinion on
December 31, 2022 and June 30, 2023, which was obtained from Kroll International Inc (for S-19 to S-25). The fair value which is the totalsum of the median amount stated in the valuation report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended December
31, 2022 (the 11th period) and June 30, 2023 (the 12th period) are as stated in the “Notes to statement of income” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from July 1, 2022 to December 31, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
Propertyand equipment②
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 31 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,522,080

LOHAS ECE 2 G.K.

1,192,276

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from January 1, 2023 to June 30, 2023)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,785,578

LOHAS ECE 2 G.K.

667,187

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Prior fiscal period
From July 1, 2022
December 31, 2022
Net assets per unit

Current fiscal period
From January 1, 2023
June 30, 2023

103,053 yen

101,898 yen

3,138 yen

2,594 yen

Net income (Net loss) per unit

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Prior fiscal period
From July 1, 2022
December 31, 2022
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit holders(Thousand yen)
Average number of investment units during the period(Units)Current fiscal period
From January 1, 2023
June 30, 2023

1,213,400

1,003,182--

1,213,400

1,003,182

386,656

386,656[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS](i) Issuance of new investment units
The payment on July 18, 2023 for the issuance of new investment units through public offering and the payment on August
10, 2023 for the new investment units to be issued through third-party allotment have been completed, that were resolved at the- 32 -

board of directors meeting regarding the issuance of new investment units held on June 30, 2023, as follows. As a result, thetotal amount of unitholders’ capital is 45,718,564 thousand yen, and the total number of investment units issued andoutstanding is 451,756 units as of the date of issuance of this statement.
(a) Issuance of new investment units through public offering
Number of investment units to
62,000 units
be offered
Issue Price (Offer Price)
117,292 yen per unit
Total Issue Price (Total Offer Price)Amount to be paid in (Issue Value)

7,272,104,000 yen
112,480 yen per unit

Total amount to be paid in (Total
Issue Value)

6,973,760,000 yen

Payment Date
Use of proceed

Tuesday, July 18, 2023
The net proceeds from the public offering wereused for a part of the fund for the acquisition of
specified assets described in (iii) Acquisition ofassets, as follows.

(b) New investment units to be issued through third-party allotment
Number of units to be issued
3,100 units
Amount to be paid in (Issue Value)
Total amount to be paid in (Total
Issue Value)
Allottee
Payment date
Use of proceed

112,480 yen per unit
348,688,000 yen
Mizuho Securities Co., Ltd.
Thursday, August 10, 2023
The proceeds from the issuance of new
investment units through the third-party allotment
shall be reserved as funds in hand to be allocatedto a part of the fund for acquiring the specified
assets (as set forth in Article 2, Paragraph 1 of the
Act on Investment Trusts and Investment
Corporations), that satisfy the eligibility criteria
set forth in the Green Finance Framework
formulated by CSIF in the future or a part of thefund for repaying existing loans.

- 33 -

(ii) Borrowing of funds
CSIF completed the borrowing of funds (hereinafter referred to as the “Borrowings”) on July 19, 2023, as followings. The
funds from the Borrowings were used for a part of the fund for the acquisition of specified assets and other related costs
described in (iii) Acquisition of assets, as follows.
Type(Note 1)

Lenders

BorrowingAmountInterest
Rate(Note 2)

Drawdown Borrowing
MethodDate

Maturity
Date

Repayment
Method(Note 3)

Security /Guarantee (Note4)

Borrowing basedon

Syndicate of lenders
arranged by Sumitomo
Mitsui Banking
Corporation, Mizuho
Longterm

Bank, Ltd. and SBI Shinsei
Bank, Limited as arrangers
and MUFG Bank, Ltd. and
Sumitomo Mitsui Trustindividual
term loan¥5,800
million(Note 5)

Base rate
plus
0.45%

July 19,2023(Note 6)agreements enteredinto onJuly 12,2023 with
theBank, Limited as coarranger

lenders
listed inThecorrespo
nding
date at
10 yearsUnsecuBalloon(Note 5)from thedrawdored,
unguaranteedwn datethe leftcolumnBorrowing basedon

Syndicate of lenders

individual
term loanarranged by Sumitomo
Mitsui Banking
Longterm

Corporation, Mizuho
Bank, Ltd. and SBI Shinsei
Bank, Limited as arrangers
and MUFG Bank, Ltd. and¥5,800Base rateplus

million(Note 5)0.45%
(Note 6)

July 19,2023

into onJuly 12,2023 with
the(Note 9)Sumitomo Mitsui Trust
Bank, Limited as co-agreements enteredlenders
listed inarrangerThe
correspo
nding
date at
10 yearsfrom theBalloon(Note 5)

Unsecured,
unguaranteeddrawdown datethe leftcolumnBorrowing basedThe
earlierondate of (i)individual July 19,

Shortterm

Sumitomo Mitsui Banking
Corporation, Mizuho
Bank, Ltd. and SBI
Shinsei Bank, Limited¥1,100
million(Note 7)

Base rate
plus
0.20%
(Note 8)term loan 2024 oragreement (ii) the
July 19,2023

s enteredinto onfirst
interest

July 12,2023 withpayment
date afterthelenderstheconsumpt

listed in
the left

ion tax
refundcolumndate

BulletUnsecured,
unguaranteed(Note 1) “Long-term” refers to borrowings that have a period of over one year from the drawdown date to the maturity date and “Short-term” refers to- 34 -

borrowings that have a period of less than one year from the drawdown date to the maturity date.
(Note 2) Finance-related costs paid to the lenders are not included.
(Note 3) CSIF can make an early repayment during the period from the drawdown date to the maturity date of all or settlement date of CSIF, such as thetotal amount of interest-bearing liabilities to the total asset value, debt-to-equity ratio and debt service coverage ratios as indicators to determine
the ability of CSIF to repay the loan. Breaches of such covenants for 2 successive fiscal periods or an occurrence of an acceleration event could
result in being required to grant security interests in favor of the lenders.
(Note 5) The first principal repayment date will be December 31, 2023, and subsequent principal repayment dates will be the last days of June andDecember (if a principal repayment date is not a business day, then the payment will be made on the immediately succeeding business day;provided, however, that if such payment day falls into the following month, then the payment will be made on the immediately precedingbusiness day) and the remaining principal on the maturity date will be repaid in a single installment (balloon amortization). The rate of capital
redemption planned on December 31, 2023 is 2.90% of the Borrowing Amount if the loan takes the balloon payment method.
(Note 6) The applicable base rate for each interest calculation period (being 3 months, excluding the first and last interest period) for the calculation of theinterest payable on the interest payment date will be the 3 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by theGeneral Incorporated Association JBA (Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown
date for the first interest calculation period and on the 2nd business day prior to the beginning of each relevant interest calculation period
thereafter. The applicable base rate will be revised for each interest period. However, if a corresponding base rate is not available for an interest
calculation period, the base rate will be calculated using the method agreed in the relevant loan agreement. Fluctuations in JBA’s TIBOR can bechecked at the General Incorporated Association JBA TIBOR Administration’s website (https://www.jbatibor.or.jp/rate/).
(Note 7) Bridge Loan for Consumption Tax Payment is used to pay consumption tax, and it is to be repaid by the tax refund.
(Note 8) The applicable base rate for each interest calculation period (being 1 month, excluding the first and last interest period) for the calculation of theinterest payable on the interest payment date will be the 1 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by theGeneral Incorporated Association JBA (Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown
date for the first interest calculation period and on the 2nd business day prior to the beginning of each relevant interest calculation period
thereafter. The applicable base rate will be revised for each interest period. However, if a corresponding base rate is not available for an interest
calculation period, the base rate will be calculated using the method agreed in the relevant loan agreement. Fluctuations in JBA’s TIBOR can bechecked at the General Incorporated Association JBA TIBOR Administration’s website (https://www.jbatibor.or.jp/rate/).
(Note 9) The interest rate was fixed at 1.26950% with the execution of the interest rate swap agreement effective on August 10th,2023.

(iii) Acquisition of assets
CSIF acquired the following solar energy facilities, etc. on July 19, 2023.
Asset
numberLocation(Note 2)

Project name(Note 1)
S-26
S-27
S-28
S-29
S-30

CS Fukuyama-shi Power Plant
CS Shichikashukumachi Power Plant(Note 3)
CS Kama-shi Power Plant
CS Miyako-machi Saigawa Power Plant(Note 4)

Acquisition price(¥ million)

Fukuyama-shi, Hiroshima

1,340

Katta-gun, Miyagi

3,240

Kama-shi, Fukuoka

586

Miyako-gun, Fukuoka

5,780

CS Kasama-shi Dai-san Power Plant

Kasama-shi, Ibaraki

5,840

Total

‐

16,786(Note 1) Asset numbers are assigned to the projects, based on the classification of the renewable energy power generation facility. “S”
denotes a solar energy project.
(Note 2) Based on the land or parcel of land upon which the solar energy facility is located, as described in the property registry. The address
is described down to the city or district level.
(Note 3) With respect to CS Shichikashuku-machi Power Plant, CSIF paid 345,173,638 yen, which is equivalent to the land rent after July 1,
2023, the first day on which the income and expenses of the property vest in CSIF, to the seller in settlement of the amount paid asadvance land rent under the agreement for the establishment of surface rights to which the seller is a party, in addition to theanticipated acquisition price.
(Note 4) CS Miyako-machi Saigawa Power Plant is a solar power generation facility consisting of CS Miyako-machi No. 1 Power Plant, CS
Miyako-machi No. 2 Power Plant, CS Miyako-machi No. 3 Power Plant, CS Miyako-machi No. 4 Power Plant, CS Miyako-machi
No. 9 Power Plant and CS Miyako-machi No. 10 Power Plant, each of which is independently certified as a facility under the prerevision Act of 2016 on Special Measures Concerning Procurement of Renewable Energy Electricity by Electric Utilities Article 6,
Paragraph 1 (Law No. 108 of 2011, including subsequent amendments) (hereinafter referred to as the "Renewable Energy Special
Measures Act"), and is managed as a single solar energy facility.

- 35 -

(9) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMay 18, 2017
October 27, 2017

Establishment upon
private placement
Capital increase by
public offering

Capital increase by
November 28, 2017
third-party

Balance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)-

231,190(420)

21,482(Note 8)-231,190(133)

21,349(Note 9)-231,190(309)

21,039(Note 10)-

231,190(163)

20,876(Note 11)

151,500

382,690

18,10638,982(Note 12)-382,690(138)

38,843(Note 13)

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)

allotment
September 5, 2018

September 14, 2018

October 4, 2018

Capital increase by
public offering
Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by
third-party
allotment

March 14, 2019

September 17, 2019

Cash distribution inexcess of earnings(refund ofinvestment)
Cash distribution inexcess of earnings(refund ofinvestment)
Cash distribution in

March 17, 2020

excess of earnings(refund ofinvestment)
Cash distribution in

September 15, 2020

excess of earnings(refund of

March 5, 2021

Capital increase by
public offering

investment)

March 16, 2021

Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by

April 7, 2021

September 15, 2021

third-party
allotment
Cash distribution inexcess of earnings(refund ofinvestment)- 36 -

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

Cash distribution in
March 15, 2022

excess of earnings(refund of-

386,656(327)

38,632(Note 16)-

386,656(236)

38,396(Note 17)

investment)
Cash distribution in
March 14, 2023

excess of earnings(refund ofinvestment)(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.
(Note 17) CSIF decided, at a meeting of its Board of Directors held on February 15, 2023, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥612 per unit for the eleventh fiscal period (ended December 31, 2022), and began to pay it from March 14, 2022.

- 37 -

3. Reference(1) Conditions of Investment(as of June 30, 2023)
Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)

Hokkaido/Tohoku

Solar energy facility

871,954

1.1

Kanto

2,032,021

2.7

Tokai

4,964,588

6.5

Chugoku/Shikoku

8,667,802

11.4

Kyushu18,196,926

23.8

34,733,293

45.5

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.8

Tokai

63,3090.1

Chugoku/Shikoku

560,1960.7

3,184,875

4.2

4,505,944

5.9

Hokkaido/Tohoku

69,4170.1

Kanto

59,1970.1

Tokai332,421

0.4

3,415

0.0

692,4710.9

1,156,923

1.5

Hokkaido/Tohoku

3,255,577

4.3

Kyushu21,175,262

27.7

24,430,840

32.0

116,7480.2

4,653,157

6.1

4,769,905

6.2

Hokkaido/Tohoku

4,362,667

5.7

Kanto

2,739,810

3.6

Tokai

5,360,319

7.0

Chugoku/Shikoku

9,231,414

12.1

Kyushu47,902,694

62.7

69,596,907

91.1

69,596,907

91.1

Subtotal

Land

KyushuSubtotal

Land lease

Chugoku/Shikoku
KyushuSubtotal
Solar energy facility in trust
Subtotal
Land in trust

Hokkaido/Tohoku
KyushuSubtotal

Solar energy facility etc.

% of total AUM(Note 3)

Subtotal
Solar energy facility etc. total- 38 -

Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)% of total AUM(Note 3)

Saving/other assets

6,768,137

8.9

Asset total (Note 2)

76,365,045

100.0

Total liabilities

36,965,507

48.4

Total net assets

39,399,537

51.6(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken.
“Kanto” denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Naganoken and Niigata-ken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken.
“Chugoku and Shikoku” denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken,
Tokushima-ken and Ehime-ken. “Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasakiken, Saga-ken and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of June 30, 2023.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 39 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 25 solar energy projects as of June 30, 2023.
PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

19,86140

February 26,
2013

September 16,
2034

Isa-shi, Kagoshima

22,22340

February 26,
2013

June 8, 2035

CS Kasama-shi

Kasama-shi,

42,666etc.

Power Plant

Ibaraki(Note 1)

Solar Plant

CS Isa-shi Dai-etc.

ni Power Plant

Isa-shi, Kagoshima

31,81836

S-05

Solar Plant
etc.

CS Yusui-cho
Power Plant

Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

S-06

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

53,27540

January 25,

September 23,

2013

2035

30,24636

July 16, 2013

October 12,
2035

45,74040

February 26,

December 10,

2013

2035

February 26,
2013 (East)

December 24,
2035 (East)

February 26,
2013 (West)

January 28,2036 (West)

December 11,
2014

December 6,
2036

Asset #

Category

Project nameLocation

Site Area
(m2)

S-01

Solar Plant
etc.

CS Shibushi-shi
Power Plant

Shibushi-shi,
Kagoshima

S-02

Solar Plant
etc.

CS Isa-shi
Power Plant

Solar Plant

S-03
S-04

S-07
S-08
S-09

Solar Plant

CS Kasama-shi

etc.

Dai-ni Power
Plant

Solar Plant
etc.

CS Hiji-machi
Power Plant

Solar Plant
etc.

CS Ashikitamachi Power
Plant

Kasama-shi,
IbarakiHayami-gun, Oita
Ashikita-gun,
Kumamoto

40

CS
Minamishimabar
S-10

Solar Plant
etc.

a-shi Power
Plant (East) / CS
Minamishimabar
a-shi Power

Minamishimabara-

56,06640

44,90432

41,33936

Kamimashiki-gun,
Kumamoto

638,552(Note2)36

Koriyama-shi,

30,376(Note1)shi, Nagasaki

January 25,
2013
October 2,
2013

June 25, 2035
June 28, 2035

Plant (West)
S-11
S-12
S-13
S-14
S-15

S-16

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

Solar Plant

CS Kannami-cho

Tagata-gun,etc.

Power Plant

Shizuoka

Solar Plant
etc.
Solar Plant

CS Mashikimachi PowerPlant
CS Koriyama-etc.

shi Power Plant

Fukushima

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

Solar Plant

CS Ena-shi

Aza Ochise,
Kusumi,etc.

Power Plant

Osashima-cho,
Ena-shi, Gifu

- 40 -

32

31,05932

37,37332

March 31,2014

March 2, 2037

October 24,
2013

June 1, 2037

February 27,

September 15,

2015

2036

September
26, 2014

June 29, 2037

February 24,

September 12,

2015

2037

Asset #Category

Project name

Site Area(m2)

Location

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

Aza Magoese,
Toyofusa, DaisenS-17

Solar Plant
etc.

CS Daisen-choPower Plant (A)and (B)cho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisen-452,760(Note 3)40

February 22,2013 (A)August 9,

February 28,
2013 (B)2037

January 30,

October 9,

2015

2037

January 6,

March 26,

2015

2037

February 28,
2014

July 12, 2038

March 31,

November 29,

2014

2038

November 18,

July 15,

2016

2039

March 27,

July 21,

2018

2039

cho, Saihaku-gun,Tottori (B)
S-18

S-19

S-20
S-21

S-22

S-23

S-24

S-25

Shingumachi,

Solar Plant

CS Takayama-etc.

shi Power Plant

Takayama-shi,
Gifu

Solar Plant

CS Misatomachi Power

Misato-machi,
Kodama-gun,

Plant

Saitamaetc.
Solar Plant
etc.

CS Marumorimachi Power
Plant

16,278(Note 1)
25,31532

65,306(Note 4)36

337,160

36

42,97724

Osaki-shi, Miyagi

26,051

21

Hayami-gun, Oita

1,551,086(Note 5)40

March 15,2013

October 30,
2039

Shibata-gun,
Miyagi

123,624(Note 6)32

February 9,
2015

March 19,
2040

Marumori-machi,
Igu-gun, Miyagi

Solar Plant

CS Izu-shi

Ono Aza Okubo,etc.

Power Plant

Izu-shi, Shizuoka

Solar Plant

CS Ishikari
Shinshinotsu-

Ishikari-gun,etc.
Solar Plant
etc.
Solar Plant
etc.
Solar Plant
etc.

mura Power
Plant
CS Osaki-shi
Kejonuma32

Hokkaido

Power Plant
CS Hiji-machi
Dai-ni PowerPlant
CS Ogawaramachi Power
Plant(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.
(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we holdan easement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land
and the land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 6) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies and right to lease land is shown and excludes
the portion of the land where we hold an easement.

- 41 -

Certified
Operator

AcquisitionPrice
PPA company (million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

460

S-02

CS Isa-shi Power
Plant

Tida Power01
G.K.

372

305

S-03

CS Kasama-shi
Power Plant

Tida Power01
G.K.

907

853

CS Isa-shi Dai-ni

Tida Power01

Kyushu ElectricPower Plant

G.K.

Power Co., Inc

778

630

CS Yusui-cho

Tida Power01

Kyushu ElectricPower Plant

G.K.

Power Co., Inc

670

544

CS Isa-shi Dai-

Tida Power01

Kyushu Electric

san Power Plant

G.K..

Power Co., Inc

949

785

850

738

S-04

S-05

S-06

S-07

CS Kasama-shi
Dai-ni Power
Plant

S-08

CS Hiji-machi
Power Plant
CS Ashikita-

S-09

machi Power
Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc
TEPCO Energy
Partner,
Incorporated

TEPCO Energy
Partner,
Incorporated

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

1,029

845

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

989

830

Appraisal value ofsolar plants
Fiscal period end(million yen)(Note 3)
book value(upper : solar energy(million yen)facility)(Note 4)(lower : land)

328
132
288
17
635
218
600
29
518
25
737
48
696
41
815
29
798
31

447

296

766

608

526

748

666

801

779

CS
Minamishimabar
a-shi Power Plant
S-10(East) / CS
Minamishimabar

1,437
Tida Power 01 Kyushu Electric
G.K.

1,733

Power Co., Inc

1,504
67

a-shi Power Plant(West)S-11

CS Minanomachi Power
Plant

S-12

S-13

Tida Power01
G.K.

CS Kannami-cho

Tida Power01

Power Plant

G.K..

CS Mashikimachi Power
Plant

1,370

Tida Power01
G.K.

TEPCO Energy
Partner,

1,018

950

514

476

Incorporated
TEPCO Energy
Partner,

709
241
441

Incorporated

34

Kyushu ElectricPower

15,666

Transmission
and Distribution

19,751

19,046

246

220

3,380

882

463

16,194Co., Inc.
S-14

CS Koriyama-shi
Power Plant

Tida Power01
G.K..

Tohoku ElectricPower Co., Inc.

- 42 -

168
51

213

Asset #

S-15

S-16

S-17

Project name

Certified
Operator

CS Tsuyama-shi

Tida Power01

Power Plant

G.K..

CS Ena-shi

Tida Power01

Power Plant

G.K..

CS Daisen-choPower Plant (A)and (B)

S-18

S-19

S-20

Tida Power01
G.K..

shi Power Plant

G.K.

CS Misato-machi Tida Power01

machi Power
Plant

The Chugoku
Electric Power
Co., Inc.

746

642

757

713

The Chubu
Electric Power
Miraiz Co., Inc.

G.K.

Tida Power01
G.K.

Appraisal value ofsolar plants
Fiscal period end(million yen)(Note 3)
book value(upper : solar energy(million yen)facility)(Note 4)(lower : land)

509
133
679
33

709

587

8,832

Transmission &Distribution

10,447

9,147

326

289

470

397

Company,
Incorporated
Tida Power01

CS Marumori-Fiscal period
end valuation(million yen)
(Note 2)

ChugokuElectric PowerCS Takayama-

Power Plant

AcquisitionPrice
PPA company (million yen)
(Note 1)
(Note 5)The Chubu
Electric Power
Miraiz Co., Inc.
TEPCO Energy
Partner,

315

231
57
283

Incorporated

114

TohokuElectric

715

Power Network
Co.,

850

730

8,521

305

425

725
14

Inc.
S-21

CS Izu-shi Power Tida Power01
Plant
G.K..
CS Ishikari

S-22

S-23

Shinshinotsumura PowerTEPCO Power
Grid,

3,998

680

579

Incorporated
Hokkaido

Tida Power01
G.K.

Incorporated

CS Osaki-shi

TohokuElectric Power

Tida Power01
G.K.

Tida Power01

Dai-ni Power
Plant

G.K.
（Note6）

4,003

654

145

Network
Incorporated

208

186

203
40

KyushuCS Hij-machi

203

58

Company

S-24

3,795

520

Electric Power
Network,

Plant

Kejonuma Power
Plant

4,569

22,472

Electric Power
Transmission
andDistribution

27,851

27,272

2,745

2,730

4,800

26,130Co., Inc.
S-25

CS Ogawaramachi Power

Tida Power 01
G.K.

Plant

TohokuElectric Power

2,693

NetworkCo.,Inc.

2,565
36

Total

80,001- 43 -

74,87664,717
10,15569,596

(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41,
paragraph 1 of the CSIF's Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC
and, for S-19 to S-25, the fiscal period end valuation is based on the median amount, which is rounded down to the nearest million yen, provided to
us by Kroll International Inc. in its project valuation report.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above isstated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Realestate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from thesigning date of the Property Purchase Agreement.
(Note 6) LOHAS ECE2 G.K., which was the certified operator for CS Hij-machi Dai-ni Power Plant, was merged with Tida Power 01 G.K. as the surviving
company on May 10, 2023. The same shall apply hereafter.

- 44 -

b. Revenue and expenses of individual renewable energy power generation facilities
Twelfth fiscal period (from January 1, 2023 to June 30, 2023)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi PowerPlant

2,572,178

17,897

13,66934,60928,18325,618880,587

4,313

3,961

12,261

7,593

2,703

4

0

-

-

-

-

3,452,770

22,211

17,631

46,87135,77728,322211,913

1,194

936

2,167

2,056

1,783

211,913

1,194

936

2,167

2,056

1,783

-

-

-

-

-

-

417,029

2,769

2,874

6,433

6,990

5,974

252,922

2,177

1,610

2,914

2,921

2,988

(Repair and maintenance costs)

29,835

-

-

2,519

1,545

855

(Utilities expenses)

7,262

-

-

-

-

-

(Insurance expenses)

58,314

591

466

1,000

933

866

(Land rent )62,044

-

797

-

1,590

1,263

(Trust fees)

6,600

-

-

-

-

-

49

-

-

-

-

-

Depreciation cost

1,454,481

9,539

7,925

14,637

16,534

14,364(Structures)

21,847

468

256

345

306

605

(Machinery and equipment)

873,900

9,029

7,651

14,25816,186

13,519(Tools, furniture and fixtures)

11,949

41

17

33

41

239

(Structures in trust)

121,860

-

-

-

-

-

(Machinery and equipment intrust)

422,988

-

-

-

-

-

1,934

-

-

-

-

-

2,083,424

13,504

11,73623,23825,581

22,122

1,369,346

8,707

5,895

23,632

10,196

6,200

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 45 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

34,07334,18836,242

34,12160,618

8,278

12,032

12,274

10,06816,865

-

-

-

-

-

42,352

46,221

48,51744,18977,483

Taxes and duties

2,476

2,324

2,835

2,632

4,634

(Property-related taxes, etc.)

2,476

2,324

2,835

2,632

4,634

-

-

-

-

-

6,812

11,472

7,060

6,785

11,539

3,732

2,874

4,248

3,938

5,553

(Repair and maintenance costs)

-

5,267

-

-

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,043

934

1,254

1,165

1,723

(Land rent )

2,036

2,396

1,557

1,681

4,261

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,971

17,75822,166

20,30635,408(Structures)

290

247

835

1,441

755

19,62917,46821,252

18,612

34,403(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,26031,55532,062

29,724

51,581

13,092

14,665

16,454

14,46525,902

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 46 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

34,802

19,248634,560

7,916

23,809

9,489

7,589

157,504

4,129

7,889

-

-

-

-

-

44,291

26,838792,064

12,046

31,698

2,504

1,335

53,449

752

2,293

2,504

1,335

53,449

752

2,293

-

-

-

-

-

5,290

3,991

86,885

1,080

3,589

3,814

1,809

70,262

829

2,943

304

-

3,346

-

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,171

527

13,201

250

643(Land rent )

-

1,653

75

-

1

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,211

9,671

338,451

4,193

13,160(Structures)

766

389

3,751

327

393

15,4459,226

326,797

3,866

12,462(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

24,00614,998478,785

6,025

19,044

20,285

11,839313,278

6,020

12,654

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 47 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Ena-shi PowerCS Takayama-shi CS Misato-machi
Power Plant (A)
PlantPower Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

25,868321,310

10,852

15,06831,901

13,215

184,490

16,866

6,911

15,904

3

-

-

-

-

39,086505,800

27,71921,97947,8052,402

33,385

1,403

1,788

3,504

2,402

33,385

1,403

1,788

3,504

-

-

-

-

-

5,147

67,816

2,617

1,966

8,454

2,807

40,508

1,291

1,425

2,883

429

7,628

994

107

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

728

7,121

331

432

824

(Land rent )1,183

12,558

-

-

4,745

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,526

214,575

5,795

7,603

17,059(Structures)

589

4,911

344

176

503

13,840208,881

5,430

7,345

16,320(Tools, furniture and fixtures)

97

782

21

80

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,077315,777

9,816

11,35729,017

17,009190,023

17,902

10,621

18,788

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 48 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

153,464

21,1996,657

843,148

103,146

74,165

15,8473,880

229,068

43,279

-

-

-

0

-

227,630

37,047

10,537

1,072,217

146,425

18,1022,006

576

59,0096,359

18,1022,006

576

59,009

6,359

-

-

-

-

-

26,438

6,513

1,998

104,787

21,73813,018

3,221

1,394

62,96010,789(Repair and maintenance costs)

-

1,800

-

5,038

-

(Utilities expenses)

-

-

-

7,262

-

(Insurance expenses)

2,246

891

303

17,1182,538(Land rent )11,173

-

-

8,757

6,310

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

49

-

Depreciation cost

87,83513,015

3,600

475,62154,545(Structures)

4,142

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,421

-

-

-

-

-

547

300

114,150

6,862-

12,427

3,276

360,434

46,850

-

40

23

1,037

833

132,375

21,535

6,175

639,418

82,644

95,255

15,511

4,362

432,799

63,781

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 49 -

(3) Plan for capital expenditure
Not applicable.
(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)
CS Kasama-shi Power Plant(Kasama-shi, Ibaraki)
CS Kasama-shi Dai-ni Power Plant(Kasama-shi, Ibaraki)

PurposePCS 6th year inspection
PCS 6th year inspection

Implementation period
From April 18, 2023
To April 21, 2023
From April 4, 2023
To April 7, 2023

CS Mashiki-machi Power Plant

Renovation work for the second

From February 18 2023

(Kamimashiki-gun, Kumamoto)retention pond

To February 23, 2023

CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)

Cable protection work for thesecond work area for weeding

From February 20, 2023
To March 27, 2023

Other Power Plants

Amount paid
(thousand yen)
5,370
5,370
7,216
2,665
2,967

Total

23,588- 50 -